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Stock Market & Financial Investment News

News Breaks
July 11, 2014
12:08 EDTITYBY, LO, BTI, RAILorillard jumps after confirming buyout talks with Reynolds
Cigarette makers Lorillard (LO) and Reynolds American (RAI) confirmed earlier today that they are holding talks about a possible acquisition of Lorillard by Reynolds. Wells Fargo predicted that the deal could be announced as soon as today or early next week. WHAT'S NEW: Lorillard and Reynolds American are holding discussions about a potential acquisition of Lorillard by Reynolds, the two companies stated this morning. The U.K.'s Imperial Tobacco (ITYBY) said that it had held talks with Lorillard and Reynolds about buying assets from them. British American Tobacco (BTI), which has a 42% stake in Reynolds, expects to buy additional shares of Reynolds if the latter company acquires Lorillard, Reynolds reported. The British company would maintain its existing stake in Reynolds if it does buy Lorillard, Reynolds added. ANALYST REACTION: In a note to investors earlier today, Wells Fargo predicted that an acquisition of Lorillard by Reynolds could be announced as soon as today or early next week. The firm continues to believe that there is a 90%-plus chance of the deal taking place. Wells expects Reynolds to pay a 20% premium to Lorillard's closing price yesterday of $63.09. It reiterated Outperform ratings on both names. PRICE ACTION: In late morning trading, Lorillard climbed 4% to $65.50 and Reynolds fell 2% to $61.
News For LO;RAI;BTI;ITYBY From The Last 14 Days
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April 30, 2015
10:36 EDTBTIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ARRIS (ARRS) upgraded to Strong Buy from Outperform at Raymond James... Acadia (ACHC) upgraded to Outperform from Market Perform at Wells Fargo... Alexandria Real Estate (ARE) upgraded to Buy from Neutral at Mizuho... Axiall (AXLL) upgraded to Buy from Neutral at Citigroup... British American Tobacco (BTI) upgraded to Buy from Hold at Societe Generale... Buffalo Wild Wings (BWLD) upgraded at Baird... CBIZ, Inc. (CBZ) upgraded to Overweight from Equal-Weight at First Analysis... Cameco (CCJ) upgraded to Outperform from Market Perform at Raymond James... Cinedigm (CIDM) upgraded to Outperform from Neutral at Macquarie... Commerzbank (CRZBY) upgraded to Neutral from Sell at Goldman... Equity One (EQY) upgraded to Neutral from Underperform at Credit Suisse... Garmin (GRMN) upgraded to Market Perform from Underperform at Raymond James... Genworth (GNW) upgraded to Buy from Neutral at Compass Point... Group 1 Automotive (GPI) upgraded to Neutral from Sell at Goldman... JetBlue (JBLU) upgraded to Outperform from Neutral at Credit Suisse... KBR (KBR) upgraded to Buy from Hold at Johnson Rice... Michelin (MGDDY) upgraded to Outperform from Neutral at Exane BNP Paribas... Mondelez (MDLZ) upgraded to Buy from Hold at Deutsche Bank... Nabors Industries (NBR) upgraded to Neutral from Reduce at Global Hunter... Office Depot (ODP) upgraded to Buy from Hold at Jefferies... PCTEL, Inc. (PCTI) upgraded to Buy from Neutral at B. Riley... Patterson-UTI (PTEN) upgraded to Buy from Accumulate at Global Hunter... Progressive (PGR) upgraded to Buy from Neutral at UBS... Santander Consumer (SC) upgraded to Outperform from Neutral at Macquarie... Spirit Airlines (SAVE) upgraded at Evercore ISI... Staples (SPLS) upgraded to Buy from Hold at Jefferies.
07:03 EDTBTIBritish American Tobacco upgraded to Buy from Hold at Societe Generale
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April 26, 2015
19:44 EDTLO, ITYBY, RAIFTC expected to approve Reynolds, Lorillard merger, NY Post says
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April 20, 2015
15:16 EDTLO, RAIGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTLO, RAIEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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07:25 EDTRAIReynolds American reported strong Q1 results, says Wells Fargo
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